Madoff, Bacar: the story changes

Jon Jackson, a general partner with Bacar Investors LLC contacted me this morning in response to yesterday’s post about Bacar restaurant being on the federal government’s Bernard Madoff asset seizure list.

He told me that Ruth Madoff, wife of Bernard, bought a 2.5% interest in the restaurant, worth $50,000, in 1999. In 2007, Jackson said, he bought out Ruth Madoff’s interest for $35,000 in a one-time cash payout. Jackson said Mrs Madoff has no ongoing financial connection with the restaurant, the limited partnership, or with Bacar Investments LLC, which has a controlling interest in the restaurant.

Jackson said his next step is to figure out how to get Bacar removed from the fed’s list. He supposes the feds were looking at the 1999 partnership documents, listing Ruth Madoff as an investor, when they compiled it.